08.10.2013 - US gold may drop to 1,170/ oz in next 6-12 months: Natixis
United States gold prices may drop to 1,170 an ounce in next 6-12 months, said Natixis in its “Metals Review Second Half 2013”. According to Natixis, since the beginning of the year, gold prices have dropped by 20%, falling back to 2010 levels. Two separate events in the second quarter of the year triggered significant drops in the price of gold. First, in mid-April, the Cypriot government announced that they would sell their 13 tonnes of gold as part of an EU bail-out package. Second, in June, the Fed indicated that it would seek to taper QE. Accompanying those two events, sales of gold from physically backed ETPs have added a new source of supply which has clearly contributed to lower prices...............................................Full Article: Source
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